The upfront cost of attending a private four-year college can be significantly higher than that of attending a four-year public institution. According to the National Association of Independent Colleges and Universities (NAICU), average yearly tuition for its members is $27,293 for the 2010-2011 academic year, and more exclusive schools may have tuition rates in excess of $40,000. In comparison, CNNMoney.com cites the average yearly tuition at a public four-year institution at $7,020 as of February 2010.
Financial aid can further reduce the cost of a private education. NAICU cites the average net tuition price for students attending a private institution after financial aid at $11,320. At public colleges, net expense after aid is around $1,620. Some Ivy League schools have modified their aid programs to offer students with parents under a certain income level grants to finance their education, as opposed to requiring them to get loans that have to be paid back.
Many private institutions have smaller classes that offer more individualized attention. Additionally, it can be easier for students to get into the courses they want or need for their degree program at a smaller, private college with a smaller student body. Private institutions may not offer post-graduate degrees or coursework in continuing higher education and some small private colleges may not be able to offer as wide of a variety of coursework to students as large, publicly funded research universities.
Private four-year colleges often have a smaller student population and can offer a quieter campus environment than a large public university. A smaller number of students can mean strengthened networking between students, professors and alumni, but can also mean a smaller quantity of people to network with. A good network of contacts from their college experience can help students make the professional connections necessary to be successful in their careers.